Accreditation Programs & Professional Org.
The Department of Statistical and Actuarial Sciences at Western Unversity has Educational Accreditation with the Canadian Institute of Actuaries; is recognized as a Centre of Actuarial Excellence by the Society of Actuaries; and hasEducational Accreditation with the Statistical Society of Canada - What does this mean?
Canadian Institute of Actuaries – Educational Accreditation
The Honours Specialization Program (HSP) in Actuarial Science at Western has been accredited by the Canadian Institute of Actuaries (CIA). This means that students who obtain an HSP in Actuarial Science from Western will be able to obtain exemptions from all of the preliminary exams of the Society of Actuaries (SOA) for the purpose of obtaining their Associateship (ACIA) in the Canadian Institute of Actuaries.
Students who choose to follow this path to ACIA designation will still need to complete the following:
Complete online ACIA Module 1 (should try to complete this by the end of your 2nd year)
Complete online ACIA Module 2 (should try to complete this by the end of your 3rd year)
Write and pass the CIA’s Capstone Exam (this can be attempted after you have graduated)
Attend the CIA’s Professionalism Workshop
For those students who graduate with a Major in Actuarial Science, you are not eligible for these exam exemptions and are not eligible for the Capstone Exam. If you plan to pursue an associateship (or Fellowship) in the CIA or the SOA, you will need to write and pass the various preliminary SOA exams (P, FM, FAM, SRM, PA, ATPA and one of ALTAM/ASTAM).
For those students who are still thinking of working as an actuary in the USA, as of right now, the SOA does not recognize the Capstone Exam-preliminary exam exemption route as used by the CIA. Thus if you are thinking of working in the USA, it may be beneficial for you to write the preliminary exams of the SOA.
For more information about the CIA University Accreditation Program, the ACIA modules and the Capstone exam, click on the link below:
https://www.cia-ica.ca/starting-your-journey/actuarial-education-in-canada/
Society of Actuaries - Centre of Excellence
CAEs meet specific requirements related to degree, curriculum, graduate count, faculty composition, graduate quality, appropriate integration, connection to industry, and research/scholarship. These are typically undergraduate-advanced programs; some of them also offer graduate-education or graduate-education and research.
Western’s actuarial program includes the following Validation by Educational Experience approved courses:
VEE - Economics
VEE - Accounting and Finance
VEE - Mathematical Statistics
The program also includes courses that substantially cover the learning objectives for:
SOA Probability (PD) Exam/CAS Exam 1
SOA Financial Mathematics (FM) Exam / CAS Exam 2
Life Contingencies segment of the SOA Actuarial Models MLC Exam
Financial Economics segment of the SOA Actuarial Models MFE Exam
CAS Exam 3
SOA Construction and Evaluation of Actuarial Models (C) Exam / CAS Exam 4
Statistical Society of Canada – Education Accreditation
The Statistical Society of Canada (SSC) offers two levels of accreditation, the Professional Statistician (P.Stat.) and the Associate Statistician (A.Stat.). The qualification of A.Stat. is intended to indicate that the holder has completed a course of study equivalent to a major or honours degree in statistics.
The Accreditation Committee has pre-approved the following Western University suggested course lists that may be used towards the educational requirements of the A.Stat. No further documentation about these courses needs to be submitted by the candidate applying for an A.Stat.
https://ssc.ca/en/accreditation ... towards-astat-designation
The Casualty Actuarial Society (CAS) currently has over 7500 members (mainly in Canada and the USA) who are experts in property and casualty insurance, reinsurance, finance, risk management, and enterprise risk management. Its mission is to advance actuarial science through a singular focus on research and education for property and casualty actuarial practice.
The purposes of the Casualty Actuarial Society are:
- to advance the body of knowledge of actuarial science applied to general insurance, including property, casualty and similar risk exposures;
- to expand the application of actuarial science to enterprise risks and systemic risks;
- to establish and maintain standards of qualification for membership;
- to promote and maintain high standards of conduct and competence;
- to increase the awareness of actuarial science;
- and, to contribute to the well-being of society as a whole.
